The Tokyo District Court has issued an order of the commencement of civil rehabilitation proceedings for Mt. Gox. As a result, the previously ongoing bankruptcy proceedings have been worked upon. Simultaneously with the order of the commencement of civil rehabilitation proceedings, an administration order was issued by the Tokyo District Court, today!
Mt. Gox Creditors blog account announced saying:
“Today, on June 22, 2018, the Tokyo District Court ordered commencement of civil rehabilitation proceedings regarding Mt. Gox. Accordingly, enormous assets, which were to be distributed to Mt. Gox’s shareholders under the bankruptcy proceedings, will be returned to creditors of Mt.Gox in civil rehabilitation proceedings. This is the creditors’ victory. “
Mt. Gox exchange was hacked for more than $473 million in 2014, and the theft remained the largest in the industry’s history until the Coincheck hack in January 2018. The robbery left Mt. Gox wiped out, and it was constrained into criminal bankruptcy in Japan, where it was headquartered.
After this, the court has approved the petition, and creditors will be refunded directly in cryptocurrency, though the exact specifics of their compensation will depend on the rehabilitation plan established during subsequent legal proceedings.
Creditors have to file proof of claim forms by October 22nd, 2018. This applies to all creditors, even those who previously filed claims during the criminal bankruptcy proceedings.
The next milestone for the creditors of Mt. Gox is the 11th meeting which will be held on 26th September 2018 in Tokyo.
Wallets with the Mt. Gox at present hold 137,891 BTC — worth more than $878 million at the time of composing. As well as the airdropped coins from forks, for example, BCH and BTG.
The trustees of Mt. Gox have stated that there are no plans to offer any more support or funds.
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Basic Attention Token surges by over 6% as Ad Launch nears
The cryptocurrency market appears to be bleeding, however, few altcoins have reported small surges over the past few days, like Basic Attention Token [BAT].
The coin, on April 18 when the entire market was mostly red, surged by over 10% and was trading at $0.3618, its all-time high since July 2018. On April 20, BAT reported a growth of over 6% and was valued at $0.3947, breaking its immediate resistance.
BAT reported a market cap of $493 million and a 24-hour trading volume of $57 million. The coin noted a 6.47% rise in its price over the past day and reported a seven-day surge of 31.20%. BAT continued to register a growth of 1.18% over the past hour.
Crypto-enthusiasts speculate the reason for the surge in prices to be the launch of advertisements on the Brave Browser this month. The BAT token is essentially based on entertainment and can be obtained through a variety of advertising and attention-based services on its platform. According to Twitter user @CryptoNilla,
“They are about to launch ads this month hence the pump.”
BAT was highly traded on ZB.COM exchange as it noted a volume of $8 million via the BAT/USDT pair. The second place was taken by Binance, the largest cryptocurrency exchange as it reported a trading volume of $7 million via the BAT/BTC pair. IDCM was on the third place with $6 million in volume via the BTA/BTC pair.
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